Canadian Solar (NASDAQ:CSIQ) Hits New 52-Week Low – Should You Sell?

Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $9.43 and last traded at $9.69, with a volume of 280801 shares. The stock had previously closed at $9.83.

Analyst Upgrades and Downgrades

CSIQ has been the topic of a number of recent analyst reports. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Mizuho started coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their target price for the company from $14.00 to $11.00 in a research report on Tuesday, December 17th. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group started coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price on the stock. Five equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.31.

Canadian Solar Stock Performance

The stock’s 50-day moving average is $11.01 and its 200 day moving average is $12.46. The stock has a market cap of $674.03 million, a price-to-earnings ratio of -84.92, a P/E/G ratio of 0.74 and a beta of 1.26. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 earnings per share. As a group, analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Institutional investors have recently added to or reduced their stakes in the stock. Shah Capital Management lifted its position in shares of Canadian Solar by 825.6% during the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after acquiring an additional 1,556,964 shares during the period. Barclays PLC raised its holdings in Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after purchasing an additional 95,924 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Canadian Solar by 101.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after purchasing an additional 57,246 shares in the last quarter. Waterfront Wealth Inc. grew its holdings in Canadian Solar by 16.9% in the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock valued at $2,059,000 after purchasing an additional 26,778 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of Canadian Solar in the third quarter valued at $219,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.